If the Backpack+Sunrise compliant framework runs smoothly, the liquidity potential for future pre-IPO projects will be greatly expanded.

SpaceX announced the listing of its SPXC token on Solana, launched by Backpack Securities and Sunrise. The token is linked to SpaceX’s actual shares and can be exchanged through regulated brokerage channels and converted into real shares, marking the entry of tokenized securities into the private equity market. SPXC is supported by SpaceX shares; eligible participants can convert between tokenized and traditional shares, and the token will be available after SpaceX’s Nasdaq IPO. Sunrise provides the issuance and allocation infrastructure, while Backpack is responsible for regulated channels.